June CRISIL MutualFundRanking

Transcription

1 June 2014 CRISIL MutualFundRanking For the quarter ended June 30, 2014

2 CRISIL MutualFundRanking About CRISIL Limited CRISIL is a global analytical company providing ratings, research, and risk and policy advisory services. We are India's leading ratings agency. We are also the foremost provider of high-end research to the world's largest banks and leading corporations. About CRISIL Research CRISIL Research is India's largest independent and integrated research house. We provide insights, opinions, and analysis on the Indian economy, industries, capital markets and companies. We are India's most credible provider of economy and industry research. Our industry research covers 70 sectors and is known for its rich insights and perspectives. Our analysis is supported by inputs from our network of more than 4,500 primary sources, including industry experts, industry associations, and trade channels. We play a key role in India's fixed income markets. We are India's largest provider of valuations of fixed income securities, serving the mutual fund, insurance, and banking industries. We are the sole provider of debt and hybrid indices to India's mutual fund and life insurance industries. We pioneered independent equity research in India, and are today India's largest independent equity research house. Our defining trait is the ability to convert information and data into expert judgements and forecasts with complete objectivity. We leverage our deep understanding of the macro economy and our extensive sector coverage to provide unique insights on micro-macro and cross-sectoral linkages. We deliver our research through an innovative web-based research platform. Our talent pool comprises economists, sector experts, company analysts, and information management specialists. CRISIL Privacy CRISIL respects your privacy. We use your contact information, such as your name, address, and id, to fulfil your request and service your account and to provide you with additional information from CRISIL and other parts of McGraw Hill Financial you may find of interest. For further information, or to let us know your preferences with respect to receiving marketing materials, please visit You can view McGraw Hill Financial's Customer Privacy Policy at Last updated: May, Disclaimer CRISIL Research, a division of CRISIL Limited (CRISIL), has taken due care and caution in preparing this Report based on the information obtained by CRISIL from sources which it considers reliable (Data). However, CRISIL does not guarantee the accuracy, adequacy or completeness of the Data / Report and is not responsible for any errors or omissions or for the results obtained from the use of Data / Report. This Report is not a recommendation to invest / disinvest in any company covered in the Report. CRISIL especially states that it has no financial liability whatsoever to the subscribers / users / transmitters / distributors of this Report. CRISIL Research operates independently of, and does not have access to information obtained by CRISIL s Ratings Division / CRISIL Risk and Infrastructure Solutions Limited (CRIS), which may, in their regular operations, obtain information of a confidential nature. The views expressed in this Report are that of CRISIL Research and not of CRISIL s Ratings Division / CRIS. No part of this Report may be published / reproduced in any form without CRISIL s prior written approval.

3 Small- & mid-cap funds top honours' tally Equities were the toast of the financial markets in the quarter ended June, helped by expectations of a stable government in the lead-up to the general elections and a vindication thereof. The broad market, as represented by the CNX Nifty, gave 13.67% returns in the quarter. Equity funds, as measured by the CRISIL - AMFI Equity Fund Performance Index, also showed an uptrend, helped by positive sentiment in the underlying market. Among general equity funds, the small- and mid-cap category logged the most gains. CRISIL - AMFI Small & Midcap Fund Performance Index, which represents the performance of small and mid-cap funds, appreciated 28.99% during the quarter, significantly higher than the CRISIL - AMFI Large Cap Fund Performance Index (up 18.92%) and CRISIL - AMFI Diversified Equity Fund Performance Index (up 23.95%) (see Table 1). At the fund house level, Birla Sun Life Mutual Fund led the tally of top-ranked funds for the quarter with eight funds under CRISIL Fund Rank 1, followed by UTI Mutual Fund with six, and ICICI Prudential Mutual Fund and Reliance Mutual Fund with five funds each. The latest CRISIL Mutual Fund Ranking covers close to 90% of the average assets under management of open ended schemes at the end of June. Unlike most other ranking models, which are based on returns or net asset value (NAV), CRISIL Mutual Fund Ranking uses a combination of NAV and portfolio-based attributes for evaluation. This provides a single-point analysis of mutual funds, taking into consideration key parameters such as riskadjusted returns, asset concentration, liquidity, asset quality and asset size. The rankings also include categories that focus specifically on long-term consistency in performance. The ranks are assigned on a scale of 1 to 5, with CRISIL Fund Rank Table 1 - Performance of CRISIL Mutual Fund Categories 3 months 6 months 9 months 1 year 2 years 3 years 5 years Absolute Absolute Absolute Absolute Annualised Annualised Annualised CRISIL - AMFI Equity Fund Performance Index CRISIL - AMFI Large Cap Fund Performance Index CRISIL - AMFI Diversified Equity Fund Performance Index CRISIL - AMFI Small & Midcap Fund Performance Index CRISIL - AMFI ELSS Fund Performance Index Thematic Infrastructure CRISIL - AMFI Balance Fund Performance Index CNX NIFTY Index CNX 500 Index CNX Midcap Index CNX Smallcap Index CNX INFRASTRUCTURE CRISIL Balanced Fund Index What helped small and mid-cap stocks outperform the broader market? Attractive valuations coupled with positive market sentiment. For instance, the PE multiple of CNX Midcap was 14.3x on March 31, 2014, a perceptible discount to its historical peak of 26.3x in January While CRISIL-AMFI Small & Midcap Fund Performance Index outperformed the broad market - CNX 500 (up 18.69%), it could not beat the category benchmarks CNX Midcap Index (up 30.32%) and CNX Smallcap Index (up 48.41%). The under performance was mainly due to average exposure of about 22% to large-cap stocks (top 100 stocks based on daily average market capitalisation on the National Stock Exchange). Within the small- and mid-cap category, CRISIL Fund Rank 1 funds (as of the quarter ended June 2014) were overweight on sectors such as industrial products and chemicals. The average over-exposure of CRISIL Fund Rank 1 funds vis-à-vis the category average to these sectors during the quarter was 4.91% and 3.10%, respectively. This helped them outperform the category. 1 indicating 'very good performance'. In any peer group, the top 10 percentile of funds are ranked as CRISIL Fund Rank 1 and the next 20 percentile are ranked as CRISIL Fund Rank 2. For further details on rankings and methodology, investors can refer to Industry Highlights The upsurge in the Indian mutual fund industry's assets continued in the June quarter, with the average assets under management or AUM (excluding fund of funds) posting a record rise of 9.07%, or up by Rs bn, to Rs 9.87 trillion, according to the Association of Mutual Funds in India (AMFI). Growth for the industry assets in the June quarter was driven by rise in assets of equity funds, short-duration debt funds and fixed maturity plans (FMPs). Equity mutual funds saw record absolute increase in average AUM up by Rs bn or 16% to Rs 2.36 trillion led by mark to market gains and inflows. The equity funds' contribution to the gains in the industry assets was the highest among all categories. The latest gain was also the third consecutive gain For the quarter ended June 30,

4 CRISIL MutualFundRanking for the category, and was primarily led by improvement in sentiment for the underlying asset class on hopes of strong economic reforms by a stable majority government at the centre. Shorter duration funds - which include money market funds, ultra-short term and short-term debt funds - reported a rise in assets (consolidated) for the third consecutive quarter as investors preferred investing in these categories since they are less sensitive to interest rate uncertainty vis-à-vis longer duration funds. Prevailing high interest rates augur well for the short maturity debt fund categories. Consolidated assets of the category rose almost 11.90%, or by Rs bn, to Rs 4.42 trillion. Assets of FMPs surged 12%, or by Rs bn, to a record high level of Rs 1.74 trillion. Demand for FMPs can be contributed to the prevailing high interest rate in the economy as it helps investors to lock their investments at higher yields in closed-ended funds. end the quarter at Rs bn and Rs bn respectively. Meanwhile, the share of direct plans increased to 34% of the industry's AUM (excluding fund of funds) in the reported quarter vis-à-vis 33% in the previous quarter. In terms of growth, the average AUM of direct plans rose around 15% (Rs bn) to Rs 3.39 trillion from Rs 2.95 trillion in the March quarter. Out of the 45 fund houses (including infrastructure debt funds or IDFs) that declared their average AUM, 35 posted a rise in AUM. The share of the top five mutual funds' assets rose to 55% in the June quarter from 54% in the previous quarter while the share of top 10 funds' assets was 78% (same as the previous quarter). The bottom 10 fund houses continued to occupy less than 1% of the average AUM. HDFC Mutual Fund's average AUM retained its top position across fund houses and registered the highest rise in AUM in the June quarter. The fund registered highest absolute rise of Rs bn (or 15.11%) to Rs 1.30 trillion. Increase in the fund house's assets was also boosted by Chart 1 Mutual Fund Net Flows and AUM Trend Table 2 Category-wise average AUM (Rs bn) Net flows (Rs trillion) Industry AUM (Rs trillion) Mutual fund category Apr-Jun 2014 Jan-Mar 2014 Absolute % Change Change (bn) Equity AUM Rs trillion Net flows Rs trillion Liquid/money market Ultra short term Short term debt Long term debt Gilt Fixed maturity plans (FMPs) Infrastructure debt fund Other debt-oriented funds Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun Gold ETFs Others Total Source Association of Mutual Funds in India (AMFI) Source - CRISIL Mutual Fund Database In an important development, the government, in the Union Budget announced tax measures pertaining to debt funds, wherein long-term capital gains tax has been increased from 10% to 20%. Additionally, investments need to be locked for three years instead of one year previously to be eligible for longterm capital gains. This may reduce inflows to debt funds going forward. FMPs, which benefited the most from indexation on long-term capital gains, will bear the brunt of the change as there could be little appetite for maturities over three years. Dividend distribution tax is now proposed to be calculated on the gross amount of distributable income and not the dividend received by the investor. This measure is expected to be negative in the short term for fund flows into the liquid fund's category as the tax arbitrage available to mutual fund investors over fixed deposits now gets negated. These funds may, however, see renewed interest in the medium term as it is expected that they may continue to offer higher returns with the additional benefit of liquidity over short-term fixed deposits. Longer maturity funds - long term debt and gilt funds - posted the worst decline in average AUM since the September 2010 quarter in the latest quarter as investors shunned the category due to interest rate uncertainty. Long-term debt and gilt funds' average AUM fell by a record Rs bn and Rs 9.54 bn to acquisition of Morgan Stanley Mutual Fund, which held Rs bn of average AUM as of March As per data from SEBI, mutual funds bought equities worth Rs 7.5 bn during the three months ended June 2014 compared with Rs 78 bn of net selling in the previous quarter. On the debt front, mutual funds net bought Rs 1.6 trillion compared with Rs 2.07 trillion in the previous quarter. Among major regulations and developments in the quarter, SEBI tightened norms for debt-oriented mutual fund schemes; it said such schemes should collect at least Rs 200 mn at the time of new fund offer. Further, it scrutinised debt schemes with low AUMs; it may ask fund houses to maintain an average AUM of Rs 200 mn on a half-yearly basis for all open-ended debt-oriented schemes. SEBI raised the cash transaction limit per investor for investments in mutual funds to Rs 0.05 mn from Rs 0.02 mn per year. SEBI pulled up the mutual fund sector for not complying with the '20-25' minimum exposure norm and for misuse of funds meant for investor awareness programmes. It also wrote to several fund houses for breaching the 25% single-investor ceiling in debt schemes. The AMFI sent a proposal to the Ministry of Finance to allow insurance companies to outsource fund management to mutual funds registered with SEBI. 2

5 Table 3 Movement of Key Equity Market Indices Index 30-Jun-14 Equity market overview % change (1 year) CNX Nifty CNX CNX Smallcap CNX Realty CNX Metal CNX Infrastructure CNX Midcap CNX Commodities CNX Energy CNX Bank CNX Auto CNX Pharma CNX IT Sector CNX FMCG Source-National Stock Exchange ( NSE) Sectoral Indices sorted on 3-month returns 31-Mar-14 Absolute Change % change (3 months) Chart 2 Mutual Fund Daily Investments & Nifty Movement CNX Nifty Mar-14 3-Apr-14 9-Apr-14 Source- SEBI, NSE 15-Apr Apr Apr Apr-14 6-May-14 9-May May May-14 MF Daily Net Equity Investments 22-Mar May May-14 4-Jun-14 9-Jun Jun Jun-14 CNX Nifty 20-Jun Jun Jun MF Daily Net Equity Investments Rs. billion MARKET OVERVIEW Domestic equity market benchmark - the CNX Nifty - soared 13.5% in the quarter ended June 2014 on robust foreign institutional investors (FII) buying as hopes of a positive election outcome turned into reality with the Bharatiya Janata Party (BJP)-led National Democratic Alliance (NDA) winning with a huge majority. Market sentiments received the thrust on hopes that the newly elected government would bring in more reforms, stimulate the domestic growth rate and lift investor confidence. Strong buying interest by FIIs for most of the quarter and hopes that the government may announce several measures in its budget on July 10 augured well for the equity market. For the quarter ended June 2014, FIIs bought equities worth Rs 376 bn compared with net buying of Rs 219 bn in the March quarter. Sporadic encouraging economic data also cheered the investors; India's HSBC Manufacturing PMI rose to a three-month high of 51.4 in May. Positive cues from the US also boosted sentiments. The US Federal Reserve (Fed) expressed confidence in the prospects of the US economy by reducing its monthly bond buying program to $35 bn. The Fed's dovish policy stance and expansion of manufacturing activity in China also added to the market's gains. Gains were, however, cut short by the release of weak economic data such as Wholesale Price Index (WPI)-based inflation which rose to a five-month high of 6.01% in May. The twin impact of a lacklustre monsoon (initially) and geopolitical tensions in Iraq weighed on the equity market. The conflict between Ukraine and Russia led to further sell-offs and limited gains. Intermittent profit sales also arrested the gains. All the NSE sectoral indices ended positive buoyed by the positive sentiment surrounding the newly elected government, except for the CNX FMCG index which receded 3.6% as investors avoided defensive counters. CNX Realty (top performer) CNX Metal and CNX Infrastructure soared nearly 40%, 31% and 29%, respectively, on anticipation that the new government might fast-track hindered projects, introduce reforms and revive the economy. The CNX Auto index jumped nearly 17% after the government's decision to extend excise duty cuts for six months until December 31. The CNX IT sector was the least gainer (up 6.6%), as it was impacted by the rupee's mid-quarter rally. For the quarter ended June 30,

6 CRISIL MutualFundRanking Debt market overview Indian inter-bank call money rates hovered in the broad range of % in the June quarter. The rates had started the quarter on a lower note due to improvement in liquidity condition on government spending. However, call money rates rose on banks' demand for funds to meet excise, service tax, sales, and corporate advance tax payments. Banks' quarter-end demand for funds to disburse short-term loans Chart 3 Movement of Overnight MIBOR 10.80% 10.00% 9.20% 8.40% 7.60% 6.80% 6.00% an upside risk to inflation in India as the nation is a major importer of crude oil. Rise in domestic wholesale inflation to a five-month high of 6.01% in May dealt another blow to sentiments. The safe haven appeal of gilts was affected further on reports that the RBI was considering issuing a new 10-year bond and on the government's decision to extend excise duty cuts by six months until December 31. Chart 4 10-Year Benchmark Gilt Yield 10.80% 10.00% 9.20% 8.40% 7.80% 7.40% 7.00% 28-Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun-14 Source - NSE Source - CRISIL Fixed Income Database and spruce up their balance sheets also put pressure on overnight borrowing rates. To keep liquidity comfortable, the RBI intermittently infused funds through its term repo auctions. Redemption of gilts coupled with subsidy payments to oil marketing companies also ensured that liquidity was supported. Indian government bond (gilts) prices witnessed volatility amid various domestic and overseas events. The yield of the benchmark 8.83% 2023 paper ended lower at 8.74% on June 30 compared with 8.80% on March 28. Sentiments were boosted on hopes that the new government would enforce fiscal discipline. These hopes were reinforced after the newly appointed Finance Minister Arun Jaitley assured investors that he would focus on bringing down fiscal deficit and tackling high inflation. Gilt prices gained further due to the rupee's appreciation against the dollar. A decline in WPI inflation for April and CPI inflation for May kept sentiment for gilts positive. The bond market was also boosted after the RBI left the repo rate unchanged at 8% at its policy review on June 3, and lowered SLR to 22.5% from 23%. Gilts, however, gave up some gains as global crude oil prices rose due to tensions in Iraq. Threats to crude oil supply present Among major regulatory developments, the RBI and SEBI barred foreign portfolio investors from investing in Treasury bills in order to encourage investments in long-term government securities. The central bank also put some curbs on overseas bond sale planned by troubled firms with the backing of bank guarantees. It revised the shutdown period for trading and settlement of government securities held in Subsidiary General Ledger (SGL) accounts and stock certificates. The RBI allowed registered FIIs, QFIs deemed as registered FPI, long-term investors registered with SEBI - Sovereign Wealth Funds (SWFs), multilateral agencies, pension/ insurance/ endowment funds and foreign central banks to invest on a repatriation basis in nonconvertible/redeemable preference shares or debentures issued by an Indian company. SEBI said that investments by foreign portfolio investors (FPIs) in non-convertible shares or debentures will be included within the $51 bn limit meant for corporate debts. Further, SEBI set a minimum subscription for public issue of debt securities at 75% of the base issue size for both NBFCs and non-nbfc issuers, with a minimum base issue size for the same at Rs 1 bn. 4

7 CRISIL Mutual Fund categories Equity Funds 1. Large Cap-oriented Equity Funds 2. Diversified Equity Funds 3. Small and Mid-cap Equity Funds 4. Thematic - Infrastructure Funds 5. Consistent Performers - Equity Funds 6. Equity Linked Savings Scheme (ELSS) 7. Index Funds Hybrid Funds 8. Balanced Funds 9. Consistent Performers - Balanced Funds 10. Monthly Income Plan - Aggressive Debt Funds 11. Long Term Gilt Funds 12. Long Term Income Funds 13. Consistent Performers - Debt Funds 14. Credit Opportunities Funds 15. Short Term Income Funds 16. Ultra Short-term Debt Funds 17. Liquid Funds Performance period for rankings: three years for equity funds (other than index funds), long term income funds, gilt funds and hybrid funds; one year for index, liquid, ultra short-term debt, credit opportunities funds and short term income funds; five years ranking history in CRISIL Mutual Fund Ranking for consistent performers. CRISIL Mutual Fund Ranking category definitions Rankings category Interpretation CRISIL Fund Rank 1 CRISIL Fund Rank 2 CRISIL Fund Rank 3 CRISIL Fund Rank 4 CRISIL Fund Rank 5 Very good performance* Good performance Average performance Below average performance Relatively weak performance *If the top 10 percentile figure is not an integer, the same is rounded off to the nearest integer. The same approach is adopted for CRISIL Fund Rank 2 (11th to 30th percentile), CRISIL Fund Rank 5 (last 91st to 100th percentile) and CRISIL Fund Rank 4 (71st to 90th percentile) clusters. The residual schemes in the universe are placed in the CRISIL Fund Rank 3 cluster. For the quarter ended June 30,

8 CRISIL MutualFundRanking Large Cap oriented Equity funds (Cluster ranks are arranged alphabetically) CRISIL Change CRISIL Fund Rank vs Fund Rank Mean Industry Company Large Cap oriented Equity funds Jun - 14 Mar - 14 Mar - 14 Return Volatility Concentration Concentration lliquidity Weightages 50.0% 25.0% 10.0% 5.0% 10.0% Birla Sun Life Long Term Advantage Fund (2) 3 (3) 2 (3) 1 (1) 3 (2) Birla Sun Life Top 100 Fund (1) 3 (3) 3 (2) 1 (1) 3 (3) BNP Paribas Equity Fund (2) 1 (1) 2 (2) 2 (3) 3 (3) Quantum Long-Term Equity Fund (1) 2 (2) 1 (1) 3 (2) 3 (3) Axis Equity Fund (2) 2 (2) 4 (4) 3 (3) 4 (4) Birla Sun Life Frontline Equity Fund (2) 3 (3) 3 (2) 1 (1) 4 (4) Canara Robeco Large Cap+ Fund 2 NA ICICI Prudential Top 100 Fund (1) 3 (3) 5 (4) 5 (3) 3 (3) ICICI Prudential Top 200 Fund (2) 3 (3) 3 (3) 3 (3) 3 (4) L&T Equity Fund (3) 2 (3) 1 (3) 2 (2) 4 (4) SBI Blue Chip Fund (2) 2 (3) 1 (1) 2 (2) 4 (3) Union KBC Equity Fund 2 NA UTI Equity Fund (3) 1 (1) 1 (1) 2 (1) 4 (4) Baroda Pioneer Growth Fund (4) 4 (4) 2 (2) 1 (2) 3 (2) Canara Robeco Equity Diversified (3) 3 (2) 2 (2) 2 (2) 3 (3) Franklin India Opportunities Fund (3) 4 (4) 4 (3) 4 (3) 3 (3) HDFC Top 200 Fund (3) 5 (5) 4 (5) 3 (3) 5 (5) HSBC Equity Fund (4) 4 (3) 3 (3) 3 (3) 2 (2) ICICI Prudential Focused Bluechip Equity Fund (2) 3 (3) 4 (4) 3 (4) 5 (4) JM Multi Strategy Fund (4) 5 (5) 5 (5) 3 (3) 3 (3) JPMorgan India Equity Fund (3) 3 (3) 4 (3) 3 (3) 2 (1) Kotak Opportunities (3) 2 (2) 4 (4) 2 (2) 3 (3) L&T India Large Cap Fund (3) 3 (3) 3 (3) 2 (3) 2 (2) Principal Large Cap Fund (2) 3 (3) 3 (4) 4 (3) 2 (2) Reliance Focused Large Cap Fund (1) 4 (4) 3 (3) 4 (4) 3 (3) UTI India Lifestyle Fund (3) 2 (2) 2 (2) 3 (2) 3 (3) UTI Leadership Equity Fund (3) 3 (3) 3 (3) 4 (4) 2 (2) UTI Mastershare Unit Scheme (3) 2 (2) 2 (2) 3 (3) 4 (5) UTI Opportunities Fund (3) 1 (2) 2 (2) 3 (3) 5 (5) UTI Top 100 Fund (3) 1 (1) 2 (3) 3 (3) 3 (3) IDFC Equity Fund (3) 4 (4) 3 (4) 5 (5) 1 (1) Kotak (4) 4 (4) 4 (4) 4 (4) 2 (3) LIC Nomura MF Equity Fund (3) 4 (4) 3 (3) 4 (5) 3 (3) Sundaram Growth Fund (4) 4 (3) 3 (3) 2 (2) 1 (1) Sundaram Select Focus (4) 4 (4) 5 (3) 4 (4) 2 (2) Tata Pure Equity Fund (3) 2 (2) 3 (3) 3 (3) 3 (3) UTI Contra Fund (5) 5 (5) 2 (1) 4 (4) 2 (2) UTI Dividend Yield Fund (5) 2 (1) 3 (3) 2 (3) 5 (5) UTI Master Plus Unit Scheme* (3) 3 (3) 3 (3) 3 (3) 3 (3) DSP BlackRock Top 100 Equity Fund (4) 5 (4) 4 (4) 5 (4) 4 (4) Franklin India Bluechip Fund (4) 3 (3) 3 (3) 3 (3) 4 (4) IDFC Imperial Equity Fund (5) 3 (3) 3 (5) 4 (5) 1 (1) SBI Magnum Equity Fund (3) 3 (3) 5 (3) 5 (4) 4 (3) Figures in bracket indicate the previous quarter rank *UTI Master Plus Unit Scheme has been merged with UTI Leadership Equity Fund 6

9 Diversified Equity funds (Cluster ranks are arranged alphabetically) CRISIL Change CRISIL Fund Rank vs Fund Rank Mean Industry Company Diversified Equity funds Jun - 14 Mar - 14 Mar - 14 Return Volatility Concentration Concentration lliquidity Weightages 50.0% 25.0% 10.0% 5.0% 10.0% Birla Sun Life Equity Fund (2) 3 (3) 2 (2) 2 (2) 3 (3) Franklin India High Growth Companies Fund (1) 2 (2) 2 (2) 3 (3) 4 (3) ICICI Prudential Exports and Other Services Fund (1) 2 (1) 5 (5) 4 (4) 3 (3) Principal Growth Fund (1) 4 (4) 1 (1) 1 (1) 1 (2) Tata Ethical Fund (2) 1 (1) 2 (3) 3 (3) 2 (2) Birla Sun Life Advantage Fund (2) 4 (4) 3 (3) 1 (1) 3 (3) Birla Sun Life Special Situations Fund (4) 4 (4) 3 (3) 3 (3) 2 (2) HDFC Capital Builder Fund (3) 3 (3) 3 (4) 3 (3) 3 (3) HSBC India Opportunities Fund (2) 3 (3) 3 (3) 3 (3) 3 (1) Kotak Classic Equity Fund 2 NA L&T India Special Situations Fund (3) 3 (2) 1 (2) 1 (1) 3 (3) Mirae Asset India Opportunities Fund (2) 3 (3) 2 (2) 2 (3) 3 (3) Reliance Equity Opportunities Fund (2) 3 (3) 2 (3) 3 (3) 5 (5) Tata Equity PE Fund (3) 3 (3) 3 (4) 3 (2) 3 (3) UTI MNC Fund (2) 1 (1) 3 (4) 4 (4) 4 (3) EQUITY FUNDS DSP BlackRock Opportunities Fund (3) 3 (3) 4 (3) 1 (1) 2 (2) DWS Investment Opportunity Fund (4) 3 (3) 3 (3) 2 (3) 1 (1) Franklin India Flexi Cap Fund (2) 3 (3) 3 (2) 4 (4) 3 (3) Franklin India Prima Plus (3) 2 (2) 2 (3) 2 (2) 4 (4) HDFC Core and Satellite Fund (5) 5 (5) 3 (2) 4 (3) 3 (3) HDFC Equity Fund (3) 5 (5) 4 (4) 4 (4) 5 (5) HDFC Premier MultiCap Fund (4) 5 (5) 2 (1) 3 (3) 3 (3) HDFC Small and Mid Cap Fund (3) 3 (3) 3 (4) 3 (3) 2 (3) ICICI Prudential Dynamic Plan (1) 1 (1) 4 (1) 3 (1) 4 (4) Kotak Select Focus Fund (3) 3 (3) 4 (4) 2 (2) 2 (2) PineBridge India Equity Fund (3) 1 (1) 3 (3) 5 (5) 3 (3) Reliance Growth Fund (4) 4 (3) 2 (2) 3 (3) 5 (5) Reliance Top 200 Fund (3) 4 (4) 3 (3) 4 (4) 3 (3) Reliance Vision Fund (3) 4 (4) 3 (3) 3 (3) 4 (5) SBI Magnum MultiCap Fund (3) 3 (3) 2 (3) 1 (3) 3 (3) SBI Magnum Multiplier Plus Scheme (2) 2 (3) 1 (2) 3 (3) 4 (4) Tata Equity Opportunities Fund (3) 2 (2) 3 (2) 3 (2) 2 (2) UTI-Services Industries Fund (1) 3 (4) 5 (5) 5 (5) 3 (2) Continued For the quarter ended June 30,

10 CRISIL MutualFundRanking Diversified Equity funds (Contd.) (Cluster ranks are arranged alphabetically) CRISIL Change CRISIL Fund Rank vs Fund Rank Mean Industry Company Diversified Equity funds Jun - 14 Mar - 14 Mar - 14 Return Volatility Concentration Concentration lliquidity Weightages 50.0% 25.0% 10.0% 5.0% 10.0% Birla Sun Life Dividend Yield Plus (4) 3 (2) 4 (3) 2 (2) 4 (4) Birla Sun Life India GenNext Fund (3) 2 (2) 4 (4) 2 (2) 2 (2) DSP BlackRock Equity Fund (4) 4 (3) 3 (3) 3 (2) 4 (4) HDFC Growth Fund (5) 4 (4) 4 (3) 4 (4) 4 (4) IDFC Classic Equity Fund (4) 2 (3) 3 (4) 4 (4) 2 (1) Principal Dividend Yield Fund 4 NA Reliance Regular Savings Fund - Equity (3) 3 (3) 1 (1) 2 (2) 5 (4) SBI Contra Fund (4) 1 (2) 3 (3) 3 (3) 5 (5) Tata Dividend Yield Fund (3) 2 (2) 4 (4) 3 (3) 3 (3) Taurus Starshare (3) 4 (4) 3 (3) 2 (3) 1 (1) DSP BlackRock Focus 25 Fund (5) 4 (4) 4 (3) 5 (4) 2 (1) HDFC Large Cap Fund (3) 2 (2) 1 (1) 4 (4) 3 (4) SBI PSU Fund (5) 5 (5) 5 (5) 5 (5) 3 (3) Sundaram Select Thematic Funds PSU Opportunities (5) 5 (5) 5 (5) 4 (5) 1 (2) Templeton India Growth Fund (4) 3 (3) 5 (5) 5 (5) 4 (4) Figures in bracket indicate the previous quarter rank 8

11 Small and Mid-cap Equity funds (Cluster ranks are arranged alphabetically) CRISIL Change CRISIL Fund Rank vs Fund Rank Mean Industry Company Small and Mid-cap Equity funds Jun - 14 Mar - 14 Mar - 14 Return Volatility Concentration Concentration lliquidity Weightages 50.0% 25.0% 10.0% 5.0% 10.0% Birla Sun Life Pure Value Fund 1 NA Franklin India Smaller Companies Fund (1) 3 (3) 2 (1) 2 (2) 3 (3) Reliance Small Cap Fund (2) 3 (2) 3 (2) 3 (4) 4 (3) BNP Paribas Mid Cap Fund 2 NA JPMorgan India Mid and Small Cap Fund (3) 3 (3) 5 (3) 3 (1) 1 (1) L&T Midcap Fund 2 NA Mirae Asset Emerging Bluechip Fund (1) 3 (3) 2 (3) 2 (3) 3 (2) Religare Invesco Mid N Small Cap Fund 2 NA SBI Magnum Midcap Fund (1) 2 (3) 1 (2) 3 (3) 3 (3) UTI Thematic - Mid Cap Fund (2) 3 (4) 1 (1) 1 (3) 3 (3) Axis Midcap Fund (3) 4 (3) 3 (3) 3 (2) 3 (2) Birla Sun Life Small & Midcap Fund 3 NA DSP BlackRock Micro Cap Fund (3) 3 (3) 1 (3) 3 (4) 4 (4) Franklin India Prima Fund (3) 2 (2) 3 (2) 2 (2) 3 (3) HDFC Mid-Cap Opportunities Fund (2) 2 (2) 3 (4) 1 (1) 5 (4) HSBC Midcap Equity Fund 3 NA ICICI Prudential MidCap Fund (3) 4 (4) 4 (4) 5 (5) 3 (3) ICICI Prudential Value Discovery Fund (2) 4 (3) 4 (3) 3 (3) 4 (4) Principal Emerging Bluechip Fund (2) 4 (5) 3 (3) 2 (2) 2 (2) Reliance Long Term Equity Fund (4) 4 (3) 2 (3) 4 (4) 4 (5) SBI Magnum Global Fund (3) 1 (1) 3 (4) 3 (3) 4 (4) Sundaram Select Midcap (3) 3 (3) 3 (3) 4 (4) 4 (4) Tata Mid Cap Growth Fund (3) 3 (3) 3 (2) 2 (3) 2 (2) Birla Sun Life Midcap Fund (5) 3 (3) 4 (3) 3 (3) 3 (3) Birla Sun Life MNC Fund (3) 1 (1) 5 (5) 5 (5) 4 (3) DSP BlackRock Small and Midcap Fund (3) 4 (4) 3 (2) 3 (4) 3 (3) IDFC Premier Equity Fund (3) 2 (1) 4 (4) 4 (3) 5 (5) Kotak Midcap (4) 4 (5) 2 (3) 2 (1) 3 (2) Sundaram Equity Multiplier Fund (5) 3 (4) 3 (3) 3 (2) 1 (1) Sundaram S M I L E Fund (4) 5 (5) 3 (4) 4 (3) 3 (3) IDFC Sterling Equity Fund (4) 2 (2) 2 (1) 3 (3) 3 (3) SBI Emerging Businesses Fund (4) 1 (2) 4 (5) 5 (5) 5 (5) Sundaram Rural India Fund (5) 3 (4) 4 (5) 3 (3) 1 (1) Figures in bracket indicate the previous quarter rank For the quarter ended June 30,

12 CRISIL MutualFundRanking Thematic - Infrastructure funds (Cluster ranks are arranged alphabetically) CRISIL Change CRISIL Fund Rank vs Fund Rank Mean Industry Company Thematic - Infrastructure funds Jun - 14 Mar - 14 Mar - 14 Return Volatility Concentration Concentration lliquidity Weightages 50.0% 25.0% 10.0% 5.0% 10.0% Birla Sun Life Infrastructure Fund (1) 2 (3) 3 (3) 1 (2) 3 (3) DSP BlackRock India T.I.G.E.R. Fund (3) 3 (3) 4 (3) 3 (1) 2 (2) HSBC Progressive Themes Fund 2 NA HDFC Infrastructure Fund (3) 5 (5) 2 (3) 4 (4) 4 (4) ICICI Prudential Infrastructure Fund (2) 3 (3) 2 (2) 3 (4) 3 (3) JM Basic Fund (2) 4 (4) 4 (4) 3 (3) 1 (1) Tata Infrastructure Fund (3) 2 (2) 3 (3) 3 (3) 3 (3) UTI Infrastructure Fund (3) 3 (4) 3 (2) 3 (3) 3 (3) Reliance Diversified Power Sector Fund (4) 3 (3) 5 (4) 2 (2) 5 (5) Sundaram Infrastructure Advantage Fund (4) 1 (1) 3 (3) 2 (3) 3 (3) SBI Infrastructure Fund (5) 3 (3) 1 (1) 5 (5) 4 (4) Figures in bracket indicate the previous quarter rank 10

13 Consistent Performers - Equity funds (Cluster ranks are arranged alphabetically) Consistent Performers - Equity funds CRISIL Change CRISIL Fund Rank vs Fund Rank Mean Jun - 14 Mar - 14 Mar - 14 Return Volatility CRISIL Rank Performance Weightages 35.0% 15.0% 50.0% Birla Sun Life India GenNext Fund (2) 2 (2) 1 (1) Birla Sun Life MNC Fund (1) 1 (1) 1 (1) Birla Sun Life Top 100 Fund (2) 3 (3) 1 (2) Reliance Equity Opportunities Fund (2) 3 (3) 1 (1) SBI Emerging Businesses Fund (1) 2 (2) 2 (1) Tata Ethical Fund (2) 1 (1) 1 (2) UTI Equity Fund (2) 2 (2) 1 (1) UTI MNC Fund (2) 1 (1) 1 (1) UTI Opportunities Fund (2) 2 (2) 1 (1) Birla Sun Life Frontline Equity Fund (2) 3 (3) 1 (1) Birla Sun Life Infrastructure Fund (4) 5 (5) 2 (2) BNP Paribas Equity Fund (3) 2 (2) 2 (3) Canara Robeco Equity Diversified (2) 2 (2) 2 (2) DSP BlackRock India T.I.G.E.R. Fund (5) 5 (5) 2 (2) DSP BlackRock Small and Midcap Fund (2) 3 (3) 3 (2) Franklin India High Growth Companies Fund 2 NA Franklin India Prima Fund (1) 2 (2) 3 (3) HDFC Equity Fund (2) 4 (4) 2 (2) HDFC Top 200 Fund (3) 5 (5) 2 (2) ICICI Prudential Dynamic Plan (2) 1 (1) 2 (2) ICICI Prudential Exports and Other Services Fund (1) 2 (2) 2 (2) ICICI Prudential Top 100 Fund (3) 3 (3) 2 (2) ICICI Prudential Value Discovery Fund (1) 2 (2) 2 (2) IDFC Premier Equity Fund (1) 1 (1) 2 (2) L&T Equity Fund (3) 3 (2) 2 (1) SBI Magnum Global Fund (1) 1 (1) 3 (3) Tata Dividend Yield Fund (2) 1 (1) 2 (2) Birla Sun Life Dividend Yield Plus (3) 1 (1) 3 (2) Birla Sun Life Equity Fund (3) 3 (4) 4 (4) DSP BlackRock Equity Fund (4) 3 (3) 3 (3) DSP BlackRock Opportunities Fund (3) 3 (3) 3 (3) DSP BlackRock Top 100 Equity Fund (4) 4 (3) 3 (3) Franklin India Bluechip Fund (3) 3 (3) 2 (2) Franklin India Flexi Cap Fund (2) 3 (3) 3 (3) Franklin India Prima Plus (3) 2 (2) 2 (2) HDFC Capital Builder Fund (2) 2 (2) 3 (3) HDFC Core and Satellite Fund (4) 4 (4) 3 (3) HDFC Growth Fund (3) 3 (3) 3 (3) HDFC Premier MultiCap Fund (4) 4 (3) 3 (3) HSBC India Opportunities Fund (3) 3 (3) 3 (3) ICICI Prudential Infrastructure Fund (5) 5 (4) 3 (3) ICICI Prudential Top 200 Fund (3) 4 (4) 3 (3) JPMorgan India Equity Fund (3) 3 (3) 3 (3) Kotak Midcap (3) 3 (3) 3 (3) PineBridge India Equity Fund (3) 1 (1) 3 (3) Principal Growth Fund (3) 4 (4) 3 (4) Principal Large Cap Fund (3) 3 (3) 3 (3) Continued For the quarter ended June 30,

14 CRISIL MutualFundRanking Consistent Performers - Equity funds (Contd.) (Cluster ranks are arranged alphabetically) Consistent Performers - Equity funds CRISIL Change CRISIL Fund Rank vs Fund Rank Mean Jun - 14 Mar - 14 Mar - 14 Return Volatility CRISIL Rank Performance Weightages 35.0% 15.0% 50.0% Reliance Growth Fund (4) 4 (3) 3 (3) Reliance Regular Savings Fund - Equity (3) 4 (4) 3 (3) Reliance Top 200 Fund 3 NA SBI Blue Chip Fund (3) 3 (3) 3 (3) SBI Magnum Equity Fund (3) 3 (3) 3 (3) SBI Magnum Midcap Fund (1) 2 (3) 3 (3) SBI Magnum Multiplier Plus Scheme (3) 3 (3) 3 (3) Sundaram Select Midcap (2) 3 (3) 3 (3) Tata Equity Opportunities Fund (3) 2 (2) 3 (3) Tata Equity PE Fund (3) 3 (3) 3 (3) Tata Pure Equity Fund (3) 3 (3) 3 (3) Taurus Starshare (3) 4 (4) 3 (3) UTI Dividend Yield Fund (4) 2 (2) 2 (2) UTI Mastershare Unit Scheme (3) 2 (2) 3 (3) UTI Thematic - Mid Cap Fund (1) 3 (3) 3 (3) UTI-Services Industries Fund (2) 4 (4) 3 (3) Birla Sun Life Advantage Fund (3) 4 (4) 4 (5) Birla Sun Life Midcap Fund (3) 2 (2) 5 (4) Franklin India Opportunities Fund (4) 4 (4) 4 (4) HDFC Large Cap Fund (3) 3 (3) 4 (4) HSBC Equity Fund (4) 3 (3) 5 (5) ICICI Prudential MidCap Fund (2) 2 (2) 5 (5) IDFC Classic Equity Fund (4) 3 (3) 4 (4) Kotak (4) 3 (3) 4 (4) Kotak Opportunities (3) 3 (3) 4 (3) Reliance Focused Large Cap Fund (4) 4 (4) 5 (5) Reliance Vision Fund (4) 4 (4) 4 (5) SBI Magnum MultiCap Fund (4) 3 (3) 5 (5) Sundaram Growth Fund (4) 4 (4) 4 (4) Sundaram Rural India Fund (3) 3 (3) 4 (4) Sundaram S M I L E Fund (3) 5 (5) 5 (4) Templeton India Growth Fund (4) 3 (3) 4 (3) UTI Leadership Equity Fund (3) 3 (4) 4 (4) UTI Master Plus Unit Scheme (3) 3 (4) 4 (4) IDFC Imperial Equity Fund (5) 3 (3) 4 (4) JM Basic Fund (5) 5 (5) 4 (4) Reliance Diversified Power Sector Fund (5) 5 (5) 4 (4) SBI Contra Fund (4) 2 (2) 5 (4) Sundaram Infrastructure Advantage Fund (5) 4 (5) 4 (4) Sundaram Select Focus (4) 4 (4) 5 (5) Tata Infrastructure Fund (5) 5 (5) 4 (4) UTI Contra Fund (5) 4 (4) 5 (5) UTI Infrastructure Fund (5) 5 (5) 4 (5) Figures in bracket indicate the previous quarter rank 12

15 Equity Linked Savings Scheme (ELSS) (Cluster ranks are arranged alphabetically) CRISIL Change CRISIL Fund Rank vs Fund Rank Mean Industry Company Equity Linked Savings Scheme (ELSS) Jun - 14 Mar - 14 Mar - 14 Return Volatility Concentration Concentration lliquidity Weightages 50.0% 30.0% 10.0% 5.0% 5.0% Axis Long Term Equity Fund (1) 2 (2) 5 (5) 4 (4) 3 (3) Reliance Tax Saver Fund (1) 5 (5) 1 (2) 3 (3) 5 (5) BNP Paribas Tax Advantage Plan (3) 1 (1) 2 (2) 1 (2) 2 (3) ICICI Prudential Tax Plan (2) 3 (2) 4 (4) 3 (2) 4 (4) Principal Tax Saving Fund (2) 5 (5) 3 (2) 2 (1) 1 (2) Religare Invesco Tax Plan (3) 2 (1) 1 (1) 3 (3) 2 (2) Birla Sun Life Tax Plan (3) 3 (3) 3 (3) 3 (3) 3 (3) Birla Sun Life Tax Relief (3) 3 (3) 3 (3) 3 (3) 4 (4) DSP BlackRock Tax Saver Fund (3) 3 (3) 3 (3) 1 (1) 3 (3) Franklin Taxshield Fund (3) 1 (2) 3 (3) 3 (3) 3 (3) HDFC Long Term Advantage Fund (2) 3 (3) 4 (4) 5 (5) 4 (4) HDFC Tax Saver Fund (3) 4 (4) 3 (3) 4 (3) 5 (5) HSBC Tax Saver Equity Fund (3) 3 (3) 4 (4) 3 (4) 2 (2) IDFC Tax Advantage Fund (2) 3 (3) 2 (1) 3 (3) 3 (3) SBI Magnum Tax Gain Scheme (3) 2 (3) 3 (3) 4 (4) 4 (4) Tata Tax Saving Fund (4) 3 (3) 2 (2) 3 (3) 2 (1) Canara Robeco Equity Tax Saver (4) 3 (3) 3 (3) 2 (2) 3 (2) L&T Tax Advantage Fund (4) 3 (3) 3 (3) 2 (2) 3 (3) Principal Personal Tax Saver (3) 4 (4) 5 (5) 5 (5) 1 (1) UTI Equity Tax Saving Plan (4) 2 (2) 2 (3) 4 (4) 3 (3) Kotak Tax Saver Scheme (5) 4 (4) 4 (4) 3 (3) 3 (3) Sundaram Taxsaver (5) 4 (4) 3 (3) 2 (3) 3 (3) Figures in bracket indicate the previous quarter rank For the quarter ended June 30,

16 CRISIL MutualFundRanking Index funds (Cluster ranks are arranged alphabetically) Index funds CRISIL Change CRISIL Fund Rank vs Fund Rank Jun - 14 Mar - 14 Mar - 14 Kotak Nifty ETF 1 1 Goldman Sachs Nifty Exchange Traded Scheme (GS Nifty BeES) 2 2 UTI Nifty Index Fund 2 2 HDFC Index Fund - Nifty Plan 3 3 HDFC Index Fund - Sensex Plan 3 3 ICICI Prudential Index Fund - Nifty Plan 3 3 IDBI Nifty Index Fund 3 5 Reliance Index Fund - Nifty Plan 3 3 SBI Nifty Index Fund 3 3 Birla Sun Life Index Fund 4 NA Franklin India Index Fund - NSE Nifty Plan 4 4 Franklin India Index Fund - BSE Sensex Plan

17 Balanced funds (Cluster ranks are arranged alphabetically) CRISIL Change CRISIL Superior Debt Fund Rank vs Fund Rank Return Industry Company Asset Debt Equity Balanced funds Jun - 14 Mar - 14 Mar - 14 Score Concentration Concentration Quality Liquidity Liquidity Weightages 75.0% 10.0% 5.0% 5.0%*(100-K) 5.0%*(100-K) 10.0%*K HDFC Balanced Fund (2) 2 (4) 1 (2) 1 (1) 2 (3) 4 (4) HDFC Prudence Fund (3) 4 (4) 3 (4) 1 (1) 4 (4) 5 (5) ICICI Prudential Balanced Fund (1) 3 (3) 2 (1) 1 (1) 3 (4) 3 (3) Tata Balanced Fund (3) 4 (4) 3 (3) 1 (1) 3 (2) 3 (3) Birla Sun Life 95 Fund (3) 5 (5) 3 (2) 2 (3) 4 (4) 2 (2) Canara Robeco Balance (4) 3 (3) 2 (2) 1 (1) 1 (1) 3 (2) Franklin India Balanced Fund (3) 3 (2) 4 (5) 2 (3) 5 (5) 2 (2) Reliance Regular Savings Fund - Balanced (3) 3 (3) 4 (4) 1 (1) 2 (2) 4 (4) SBI Magnum Balanced Fund (2) 3 (2) 4 (3) 1 (1) 3 (3) 4 (4) ICICI Prudential Balanced Advantage Fund (2) 1 (2) 2 (3) 1 (1) 3 (3) 3 (3) Kotak Balance (4) 2 (1) 5 (4) 2 (2) 4 (3) 1 (1) UTI Balanced Fund (4) 2 (3) 3 (3) 2 (2) 2 (3) 3 (3) DSP BlackRock Balanced Fund (5) 4 (3) 3 (3) 1 (1) 3 (2) 2 (3) Figures in bracket indicate the previous quarter rank K = Equity Component in Hybrid Funds Consistent Performers - Balanced funds (Cluster ranks are arranged alphabetically) CRISIL Change CRISIL Superior CRISIL Fund Rank vs Fund Rank Return Fund Rank Consistent Performers - Balanced funds Jun - 14 Mar - 14 Mar - 14 Score Performance Weightages 50.0% 50.0% ICICI Prudential Balanced Fund (1) 2 (2) HDFC Balanced Fund (2) 1 (1) HDFC Prudence Fund (3) 2 (2) Tata Balanced Fund (2) 2 (2) Birla Sun Life 95 Fund (3) 3 (3) Canara Robeco Balance (3) 3 (3) ICICI Prudential Balanced Advantage Fund (2) 3 (3) Reliance Regular Savings Fund - Balanced (3) 3 (3) SBI Magnum Balanced Fund (3) 3 (4) HYBRID FUNDS Franklin India Balanced Fund (4) 4 (4) Kotak Balance (4) 4 (4) UTI Balanced Fund (4) 5 (5) DSP BlackRock Balanced Fund (5) 4 (3) Figures in bracket indicate the previous quarter rank For the quarter ended June 30,

18 CRISIL MutualFundRanking Monthly Income Plan - Aggressive (Cluster ranks are arranged alphabetically) CRISIL Change CRISIL Superior Debt Fund Rank vs Fund Rank Return Industry Company Asset Debt Equity Modified Monthly Income Plan - Aggressive Jun - 14 Mar - 14 Mar - 14 Score Concentration Concentration Quality Liquidity Liquidity Duration Weightages 60.0% 5.0% 5.0% 17.5% 7.5%*(100-K) 7.5%*K 5.0% HDFC Monthly Income Plan - LTP (3) 3 (3) 3 (3) 1 (1) 3 (3) 5 (5) 5 (5) UTI MIS Advantage Plan (1) 3 (3) 2 (2) 1 (1) 4 (4) 3 (3) 4 (4) Birla Sun Life MIP II - Wealth 25 Plan (1) 4 (4) 4 (4) 1 (1) 4 (4) 4 (4) 5 (5) HSBC MIP - Savings (2) 3 (3) 4 (3) 1 (1) 1 (1) 3 (3) 3 (3) ICICI Prudential MIP (2) 4 (4) 2 (2) 1 (1) 4 (4) 4 (4) 3 (3) Canara Robeco Monthly Income Plan (2) 3 (3) 3 (3) 1 (1) 2 (2) 2 (2) 3 (3) Franklin India Monthly Income Plan (3) 2 (2) 4 (2) 2 (2) 5 (5) 3 (3) 4 (4) HDFC Monthly Income Plan - STP (4) 3 (3) 3 (3) 2 (2) 3 (3) 4 (4) 3 (2) Kotak Monthly Income Plan (3) 2 (2) 3 (5) 2 (1) 3 (3) 3 (3) 2 (2) Reliance Monthly Income Plan (4) 4 (3) 1 (1) 1 (1) 3 (3) 5 (5) 4 (4) Tata MIP Plus Fund (4) 1 (2) 3 (3) 1 (1) 2 (2) 3 (3) 3 (3) DSP BlackRock MIP Fund (3) 5 (4) 3 (4) 1 (1) 3 (3) 3 (3) 3 (3) LIC Nomura MF Monthly Income Plan (3) 1 (1) 5 (5) 1 (1) 1 (2) 1 (1) 1 (1) Peerless Income Plus Fund (3) 5 (5) 5 (4) 3 (4) 5 (5) 1 (1) 1 (2) IDBI Monthly Income Plan (5) 2 (1) 2 (3) 1 (1) 3 (3) 2 (2) 2 (1) L&T Monthly Income Plan (5) 3 (5) 1 (1) 1 (1) 2 (1) 2 (2) 2 (3) Figures in bracket indicate the previous quarter rank K = Equity Component in Hybrid Funds 16

19 Long Term Gilt funds (Cluster ranks are arranged alphabetically) CRISIL Change CRISIL Superior Fund Rank vs Fund Rank Return Modified Long Term Gilt funds Jun - 14 Mar - 14 Mar - 14 Score Duration Liquidity Weightages 75.0% 10.0% 15.0% L&T Gilt (1) 3 (3) 4 (4) SBI Magnum Gilt Fund - Long Term (2) 2 (2) 2 (3) IDFC G Sec Fund - Investment Plan (1) 1 (1) 3 (1) IDFC G Sec Fund - PF Plan (2) 2 (1) 3 (1) Tata Gilt Securities Fund (2) 3 (3) 4 (3) Franklin India Government Securities Fund - Composite Plan (5) 3 (4) 1 (3) Franklin India Government Securities Fund - Long Term Plan (5) 4 (5) 2 (3) HDFC Gilt Fund - Long Term Plan (4) 3 (3) 3 (3) ICICI Prudential Gilt - Investment - PF Option (3) 4 (4) 3 (3) Kotak Gilt - Investment (3) 3 (3) 3 (3) Reliance Gilt Securities Fund (3) 3 (3) 3 (2) UTI Gilt Advantage Fund - Long Term Plan (3) 5 (5) 3 (5) Birla Sun Life Govt Securities - Long Term Plan (3) 5 (3) 4 (4) DWS Gilt Fund (3) 3 (3) 5 (5) ICICI Prudential Long Term Gilt Fund (4) 4 (4) 5 (4) DSP BlackRock Govt Sec Fund (3) 2 (2) 1 (2) Principal Government Securities Fund (4) 1 (2) 2 (2) Figures in bracket indicate the previous quarter rank For the quarter ended June 30, 2014 DEBT FUNDS 17

20 CRISIL MutualFundRanking Long Term Income funds (Cluster ranks are arranged alphabetically) CRISIL Change CRISIL Superior Fund Rank vs Fund Rank Return Modified Company Sectoral Asset Long Term Income funds Jun - 14 Mar - 14 Mar - 14 Score Duration Concentration Concentration Liquidity Quality Weightages 60.0% 5.0% 5.0% 5.0% 7.5% 17.5% HDFC High Interest Fund - Dynamic Plan (3) 4 (4) 1 (1) 1 (4) 3 (3) 1 (1) Reliance Dynamic Bond Fund (2) 4 (3) 1 (3) 1 (1) 3 (3) 1 (1) Tata Income Fund (1) 2 (3) 2 (3) 1 (1) 3 (3) 1 (1) BNP Paribas Flexi Debt Fund (1) 2 (2) 5 (4) 4 (4) 3 (3) 1 (1) Canara Robeco Dynamic Bond Fund (2) 3 (3) 3 (3) 1 (1) 2 (3) 1 (1) DSP BlackRock Strategic Bond Fund (2) 2 (2) 3 (3) 4 (4) 3 (4) 1 (1) ICICI Prudential Income Opportunities Fund (3) 3 (4) 4 (4) 4 (1) 2 (3) 1 (1) IDFC Dynamic Bond Fund (2) 3 (1) 3 (5) 1 (1) 2 (2) 1 (1) UTI Bond Fund (3) 5 (5) 3 (3) 5 (5) 5 (5) 1 (1) UTI-Dynamic Bond Fund (1) 4 (2) 5 (5) 5 (5) 3 (5) 1 (2) Axis Dynamic Bond Fund 3 NA Canara Robeco Income (3) 3 (3) 3 (3) 1 (1) 3 (3) 1 (1) DWS Premier Bond Fund (3) 1 (1) 3 (2) 1 (1) 1 (2) 1 (1) Franklin India Income Fund (3) 3 (1) 5 (3) 1 (1) 5 (4) 1 (2) HDFC Income Fund (4) 4 (5) 1 (1) 1 (4) 4 (4) 1 (1) HSBC Flexi Debt Fund (2) 3 (3) 2 (2) 1 (1) 1 (1) 1 (1) ICICI Prudential Income Plan (5) 5 (5) 2 (1) 1 (1) 4 (4) 1 (1) IDFC Super Saver Income Fund - Investment Plan (3) 3 (2) 4 (4) 1 (1) 2 (2) 1 (1) JPMorgan India Active Bond Fund (3) 3 (3) 4 (4) 1 (1) 2 (2) 1 (1) Kotak Bond (4) 4 (4) 1 (2) 4 (4) 5 (5) 1 (1) L&T Flexi Bond Fund (2) 2 (3) 4 (3) 1 (1) 1 (1) 1 (1) LIC Nomura MF Bond Fund (3) 1 (2) 3 (3) 1 (1) 3 (3) 1 (1) Sundaram Bond Saver (3) 3 (4) 1 (2) 1 (1) 4 (3) 1 (1) Birla Sun Life Income Plus (4) 5 (4) 3 (1) 1 (1) 4 (4) 1 (1) DSP BlackRock Bond Fund (4) 2 (3) 3 (5) 5 (5) 4 (4) 4 (1) Reliance Income Fund (4) 4 (3) 1 (3) 1 (1) 4 (3) 1 (1) Religare Invesco Active Income Fund (3) 2 (3) 4 (4) 1 (1) 4 (3) 1 (1) SBI Dynamic Bond Fund (3) 3 (2) 3 (3) 1 (1) 3 (2) 1 (1) SBI Magnum Income Fund (3) 3 (3) 3 (2) 4 (4) 3 (3) 1 (1) Sundaram Flexible Fund - Flexible Income Plan (5) 4 (4) 4 (4) 1 (1) 3 (3) 1 (1) HSBC Income Fund - Investment Plan (5) 3 (3) 3 (3) 1 (1) 2 (1) 1 (1) L&T Triple Ace Bond Fund (4) 2 (3) 3 (3) 1 (1) 2 (3) 1 (1) Principal Income Fund - Long Term Plan (3) 1 (3) 4 (3) 1 (1) 3 (2) 1 (1) Figures in bracket indicate the previous quarter rank For the quarter ended June 30,

21 Consistent Performers - Debt funds (Cluster ranks are arranged alphabetically) CRISIL Change CRISIL Superior CRISIL Fund Rank vs Fund Rank Return Fund Rank Consistent Performers - Debt funds Jun - 14 Mar - 14 Mar - 14 Score Performance Weightages 50.0% 50.0% IDFC Dynamic Bond Fund (1) 1 (1) UTI Bond Fund (2) 1 (1) Canara Robeco Income (3) 2 (2) HDFC High Interest Fund - Dynamic Plan (2) 2 (2) SBI Magnum Income Fund (1) 2 (2) Birla Sun Life Income Plus (3) 3 (3) BNP Paribas Flexi Debt Fund (3) 3 (3) HDFC Income Fund (4) 3 (3) IDFC Super Saver Income Fund - Investment Plan (2) 3 (3) Kotak Bond (3) 3 (3) Tata Income Fund (3) 3 (4) Franklin India Income Fund (3) 4 (5) LIC Nomura MF Bond Fund (4) 4 (4) Reliance Income Fund (4) 4 (3) DSP BlackRock Bond Fund (5) 5 (5) ICICI Prudential Income Plan (5) 5 (4) Figures in bracket indicate the previous quarter rank 19

22 CRISIL MutualFundRanking Credit Opportunities Funds (Cluster ranks are arranged alphabetically) CRISIL Change CRISIL Fund Rank vs Fund Rank Mean Asset Company Sectoral Asset Modified Credit Opportunities Funds Jun - 14 Mar - 14 Mar - 14 Return Volatility Size Concentration Concentration Quality Duration Liquidity Weightages 45.0% 10.0% 5.0% 7.5% 5.0% 10.0% 7.5% 10.0% Franklin India Short Term Income Plan (2) 2 (2) 1 (1) 1 (1) 2 (2) 4 (4) 2 (3) 3 (3) DSP BlackRock Income Opportunities Fund (3) 1 (1) 3 (3) 4 (4) 4 (4) 3 (3) 3 (1) 1 (1) Franklin India Corporate Bond Opportunities Fund (2) 3 (3) 2 (2) 1 (3) 3 (3) 4 (4) 4 (4) 4 (4) Reliance Regular Savings Fund - Debt (3) 2 (2) 2 (2) 3 (4) 3 (3) 5 (5) 2 (3) 3 (2) Birla Sun Life Medium Term Plan (1) 3 (3) 3 (3) 4 (1) 5 (4) 5 (4) 3 (2) 3 (3) Birla Sun Life Short Term Opportunities Fund (2) 2 (2) 3 (3) 5 (4) 3 (3) 3 (3) 3 (2) 2 (2) Franklin India Income Opportunities Fund (3) 3 (3) 3 (2) 1 (1) 3 (3) 4 (4) 3 (3) 4 (4) ICICI Prudential Corporate Bond Fund (4) 4 (4) 3 (3) 3 (1) 2 (2) 3 (3) 4 (4) 2 (3) ICICI Prudential Regular Savings Fund (3) 3 (3) 2 (3) 1 (1) 3 (4) 5 (5) 1 (3) 3 (3) L&T Income Opportunities Fund (4) 3 (3) 4 (4) 1 (3) 4 (5) 3 (4) 1 (3) 4 (5) Franklin India Income Builder Account (5) 5 (5) 3 (3) 1 (3) 1 (1) 3 (3) 5 (5) 5 (4) Pramerica Credit Opportunities Fund (4) 3 (3) 5 (5) 3 (1) 2 (2) 5 (4) 3 (2) 3 (3) UTI Income Opportunities Fund (3) 4 (4) 4 (4) 3 (1) 3 (3) 4 (4) 4 (4) 2 (3) Kotak Income Opportunities Fund (3) 4 (4) 4 (4) 4 (5) 4 (3) 5 (5) 3 (3) 3 (2) Figures in bracket indicate the previous quarter rank 20